How To Prevent Delays in Commercial Contract Management
Contracts with vendors, third-party service providers, and customers form the very foundation of commercial business transactions, providing the framework that gives each party the confidence they need to enter into or continue the business relationship. Commercial contract management refers to the process of helping parties to commercial agreements manage their obligations and contractual rights. When this process isn’t managed efficiently or when it does not follow an established workflow, delays or missed deadlines are real risks.
To prevent delays, follow these best practices:
Digitize Contracts
Find and implement a contract management solution that will allow for storing contracts and agreements in the cloud, in such a way that they can easily be searched.
Organize Agreements
Creating an inventory, identifying the parties responsible for each agreement, and establishing workflows and key steps can prevent many delays. When the data and key terms of contracts can be parsed by subject matter, parties, expenses, renewal terms, and key dates, missing deadlines can be avoided.
Analyze the Data
When companies switch from storing paper contracts in filing cabinets to maintaining them electronically in the cloud, terms and agreements can be analyzed to identify areas of potential risk and obligations. Having this information readily accessible, and having an expert partner on your side to efficiently and effectively summarize key contract provisions, can be invaluable when considering entering into future contracts.
Establish a Relationship with a Repeat Provider
Utilize the services of a firm that can help with all aspects of commercial contract management. The sooner a contract is in force, the sooner the parties can begin working with one another.
When choosing commercial contract analysis and management, look for a provider with experience, a dedicated commitment to security and privacy, and a transparent process. Selecting a service provider that offers a quick turnaround time prevents delays, which is one of the primary reasons for outsourcing any aspects of commercial contract management.
Commercial Contract Management Services
Baer Reed provides commercial contract management services designed to help identify potential costly delays before they manifest. To learn more, call 888-433-1990, or contact us online.
- On June 2, 2017
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